Advising Blackstone on a CDN$2.5bn minority equity investment in Aeroplan

Following the successful closing on 17 August 2026, funds managed by Blackstone and La Caisse, together with PSP Investments and British Columbia Investment Management Corporation, completed a CDN$2.5bn investment in Aeroplan Inc., acquiring a 25% non-controlling equity interest in Canada's leading travel loyalty programme. The transaction values Aeroplan at CDN$10bn, with Air Canada retaining a 75% ownership interest and full operational control of the programme.
 
Partners Justin Hart, Bicrom Das and Jenna Wong, with support from senior counsel Sarah Dombowsky, associates Korin Knights and Suman Kaur, advised certain Blackstone-managed funds and related investment vehicles in connection with the transaction. The team was instructed by Kirkland & Ellis LLP and worked alongside Blake, Cassels & Graydon LLP on matters of Canadian law.
 
The transaction forms part of Air Canada's long-term strategic plan and unlocks value from Aeroplan while preserving Air Canada's control of the programme's strategy, operations and day-to-day management. Air Canada intends to use the proceeds primarily to repay an upcoming debt maturity and support its capital management initiatives.
 
The matter highlights our continued strength in advising sponsors and other market participants on complex, high-value cross-border investments and strategic transactions.